Article
Revitalizing Cleveland: A new approach to economic development incentives
April 4, 2025 · Authored by Jolena Presti
The City of Cleveland has undertaken a pivotal initiative to rejuvenate its neighborhoods and foster economic growth. This effort involves a comprehensive review of existing economic development incentive policies and the formulation of a new scoring framework for project assistance. The primary objective of this initiative is to recalibrate incentive policies to prioritize neighborhood revitalization and stimulate equitable economic growth. The development of an incentive scorecard in Cleveland is designed to enhance accountability and transparency within economic development processes.
By employing advanced analytical techniques and data-driven methodologies, the scorecard aims to systematically evaluate projects based on potential impact and defined factors to advance community goals. This strategic approach ensures that resources are allocated efficiently and effectively, maximizing the benefits of economic incentives for the city's long-term prosperity.
Assessment of existing conditions
To comprehensively understand the challenges faced by the development community and align with the city's strategic priorities, the project begins with a thorough assessment of existing conditions. This phase involves an in-depth review of current policies, procedures and primary incentives deployed across the city. Integral to this assessment is stakeholder engagement, which encompasses focus group sessions and one-on-one interviews with key stakeholders, including public sector officials and staff, real estate developers, community partners and other relevant entities. By leveraging advanced analytical techniques and data-driven methodologies, the team aims to systematically evaluate the effectiveness of existing frameworks and identify areas for improvement. This rigorous approach ensures that the assessment is both comprehensive and actionable, providing a solid foundation for informed decision-making.
Challenges identified through due diligence
The due diligence process revealed several critical challenges faced by the development community:
- Lack of large-scale reinvestment in neighborhoods: There was a significant deficiency in substantial reinvestment efforts across various neighborhoods, which impeded overall development and growth. This lack of investment has resulted in stagnation and underutilization of potential economic opportunities.
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